Mission Forge

A shift towards something already in placeCommercial real estate has operated this way for a long time. Commercial listings generally do not offer compensation to cooperating brokers of buyers. It does not mean that buyer representatives are not paid. It means that buyers must ask the listing broker if there is any cooperative compensation available. In the event the answer is no, then the agent must consult with the buyer and refer to the exclusive right to represent form. Clear differences exist between commercial and residential. Immediacy is generally not present in commercial as it is common in residential. Rapid moving residential markets can be impeaded or slowed by this added layer of discussion (assuming the offer to compensate is withdrawn from the MLS. Now the process has an extra layer of discussion which could retard the process and flow when time is of the essence. In addition, residential buyers have financing concerns that play into compensation that are not there in the commercial world. For instance, buyers with VA loans are not able to make payments to the agent or to a vendor for repair. That could be very harmful to some of our most important buyers. It is potentially a dramatic erosion of one of their signature benefits. Often times consumers will call the sign in commercial real estate and proceed with no buyer agent. In some cases they may ask the listing firm for dual representation and other times they may proceed unrepresented. Residential real estate has methodically and purposefully moved away from this and comfortably gotten to a situation where buyer agency is clear and defined and common, while seller agency remains intact. Both sides have agency and compensation did not increase. One really questions the benefits to the residential process that will result from the decoupling of advertising compensation in the MLS. The theory on the ground is that since compensation is still permitted from the seller to the buyer’s agent that it will still take place largely as normal and hopefully with more transparency than before. The fear is that our most prized and vulnerable buyers will be sidelined, and may resort to calling the sign, perhaps out of desperation and frustration and perhaps in the hopes of trading representation for perceived savings to make a deal work. The ramifications of thousands of unrepresented buyers who are financially sensitive could be devastating if they don’t have capacity to negotiate repairs, oversee important disclosures, review documents, navigate extensions, deadlines, review repairs and verify payments to vendors. It really could be lambs to the slaughter in some cases---sadly out of needless desperation caused by the DOJ.

You are an independent contractor if you practice real estate. How much freedom do you have to direct your business the way you want to direct it? Do you have the ability to direct your business the way you know it needs to operate or is it inconsistent with the policies of your brokerage? Have you ever thought of leaving your brokerage but worry about the terms and penalties associated with relocating? I'd appreciate the opportunity to hear about your business and share everything I know about our brokerage with you. To arrange a consultation please email me at BobbyJ@remax.net.

R454B refrigerant has been designated as a replacement for R410A. This change is coming over the next year for Virginia and you need to be aware of it as you repair and replace your systems. Be wary of deals, as you may be purchasing good quality equipment that is being phased out. Also be on the look out for May-December split HVAC systems that are being married together. Those may be problematic for you.

Wood versus Vinyl fencing: which is cheaper, which is easier to maintain, repair, replace? I have a few insights that are of value to pass along. I would like to know your experiences, so please share.

Cheers! We are turning 26! RE/MAX Capital has grown beyond Williamsburg to include offices in Yorktown and Hayes. Our agent-focused model is the bedrock of our office. We have a positive culture where supportive staff engage with our professional Realtors to foster their business. Bobby Jankovic invites you to share your business goals with him and learn about affiliating with his full service brokerage.

As published by the Cardinal news, this opinion piece by Dwayne Yancey discusses the 2023 ODU State of the Commonwealth report. There are real problems brewing out there. They are summarized here: ODU report warns again that Virginia is increasingly split between haves and have-nots The report also warns that Virginia is losing young adults and continues to lag behind North Carolina in multiple economic metrics. However, Southside and Southwest have seen the state’s highest income growth. https://cardinalnews.org/2023/12/18/odu-report-warns-again-that-virginia-is-increasingly-split-between-haves-and-have-nots/

Shouldn't sellers have to refund the proceeds of the victorious lawsuit back to people who bought their houses? The buyers are owed money. The sellers are burning the candle at both ends. They are trying to get a refund on a bill that was paid by the buyer. The buyers should be able to claim damage equal to the amount awarded back.

#1 Not for the faint of heart. Emotional aspects of the process have to be left aside as often as possible. Do not accept an applicant for an emotional reason. #2 Consider buying a property needing work, overlooked, distressed. You can solve condition problems later.#3 Look for a landlord moving on. If you can buy a property with a tenant in place, then you are 5 steps ahead of the game. Be sure to check all documents, procure all escrows, and be sure the management is transferring also.#4 It is better to be empty for a month or two than to take ina risky applicant. #5 It is better to take less rent than the market will allow if you find a solid tenant or want to keep a solid tenant. #6 Property turn is the hardest part on the process. Have plans in place to do repairs faster. Having paint codes is a big help. Cooperative tenants are a big help. #7 Befriend the neighbors and request a call if anything unusual is noted at your property. #8 Hire a property manager who is a member of the NAR. Unless you are in a very flexible job, already tied to construction, remodeling, or a trade, you are not going to have the ability to solve problems in a timely manner. Also the laws and proper forms are ever and always changing. This will cost you, but if you look at the actual long term benefits....less down time, higher rents, fewer non paying tenants, better condition it is really penny-wise and pound foolish to do it alone. #9 Understand the financials. You have different ways to look at your rental financially. Look at the rental income, less your expenses. Hopefully that is a cash-flow positive. Expenses would be mortgage, HOA, insurance, taxes, management fees, and repairs. Also look at the appreciation of the home. It is important to get the property for the right price and not over pay. That is why getting a diamond in the rough can be a good strategy. #10 If you have a 10 year timeline, you can project out what your rental asset will be worth give historical appreciation numbers, say 5%. In addition, your tenant will be help you with the mortgage and paying down your principal balance. #11 Consult a tax professional/CPA regarding the tax implications. #12 Convert a principal residence into a rental. This is a common strategy I see with Military service members who may do this out of necessity.